IIFL gold loan interest rate is competitive affordable and vary between 9.96% and 27% p.a., according to the loan amount and borrower’s repayment frequency. Apart from the gold loan interest rate, borrowers have to pay MTM charges of Rs. 500 for valuing an asset to reflect its current market rate and processing fee, depending on the scheme availed.
IIFL gold loan rate today starts from 0.83% onward per month (from 9.96% to 27% p.a.), depending on the loan amount and repayment capacity of the borrower. There are various factors that may affect the current IIFL gold loan rate of interest, including the loan amount, benchmarking method, gold’s value, repayment frequency, borrower’s credit score and monthly income.
Below is the comparison of the IIFL gold loan interest rate with the gold loan interest rates of other banks. You can check which is the best gold loan bank in India before applying for a gold loan:
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|IIFL Finance Gold Loan||9.96% - 27%||Up to 75% of the gold’s market value||Rs. 0 onwards||Up to 2 years|
|Indian Bank Gold Loan||7% - 10.15% p.a.||No upper limit||Nil||Up to 35 months|
|UCO Bank Gold Loan||7.40% - 7.90% p.a.||No upper limit||Up to 0.20%||Decided by the bank|
|PNB Gold Loan|
|Rs. 25 000 to Rs. 25 Lakhs||0.30% or Rs. 500 + GST, whichever is higher||Up to 12 months|
|Bank of Baroda Gold Loan||9.20% - 9.30%||Up to Rs. 25 Lakhs||Up to 0.50% + GST||1 year - 3 years|
|Canara Bank Gold Loan||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|HDFC Bank Gold Loan||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI Gold Loan||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|ICICI Bank Gold Loan||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Mahindra Bank Gold Loan||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Axis Bank Gold Loan||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
The key features of IIFL Bank gold loan are mentioned below:
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
IIFL offers the following types of gold loan schemes:
This loan can be availed of by a salaried employee/ businessman/ businesswoman/ trader/ farmer/ self-employed professional aged between the age of 21 to 70 years.
This is an online gold loan scheme for catering to all your emergency expenses.
You can use the IIFL Finance gold loan calculator to calculate your gold loan amount eligibility. Just follow the following simple steps:
Apart from an IIFL gold loan rate of interest of anywhere between 9.96% to 27% p.a., you will be required to pay the following charges:
IIFL evaluates the gold items provided by you and offers the loan amount based on a certain predefined percentage of the gold’s total value based on the current market value. Then it charges interest on the sanctioned loan amount and keeps the gold articles safe until the full repayment of the borrowed amount.
You can visit the nearest IIFL Finance branch or call the customer care team at 1860-267-3000 or 7039-050-000 from 9:30 AM to 6 PM (except Saturday, Sunday and Public Holidays_.
After IIFL evaluates your gold, you will be offered a loan amount. On your approval and confirmation, you will receive the loan amount in your account. The amount must be paid in equal monthly instalments along with interest.
Yes. IIFL Finance is one of India's quickest disbursers of gold loans. It offers loans up to 75% of the market value of your gold with a flexible repayment tenure. The lender offers popular customised schemes to every customer depending on their financial needs.
IIFL gold loan per gram rate is Rs. 3,504 per gram. If you have 100 grams of gold, the offered loan amount will be Rs. 3,50,400. The value differs depending on the gold rate, quantity,, and value.
Yes. Getting a gold loan from IIFL Finance is safe. IIFL safely stores your gold items in the well-maintained locker so you do not have to worry about their safety.
You can repay your IIFL gold loan through its new IIFL Loans Mobile app or by visiting your IIFL Gold Loan branch to pay your interest or principal amount instantly by cash.
A gold loan can be applied when you are seeking immediate funds to cater to any personal financial requirement, such as a marriage, education, travel, medical emergency, function, etc.
Repaying your gold loan in EMI is a convenient and affordable option to service your loan.
There are no closure charges for the IIFL gold loan. You can prepay your IIFL gold loan whenever you wish to without any additional charges.
IIFL concepts gold articles in the range of 18 to 24 carats for gold loans.
The gold loan repayment tenure at IIFL is up to 2 years. The tenure varies depending on the loan amount and other factors.